Western Alliance Bancorporation Reports Third Quarter 2026 Financial Results

Higher earnings and share repurchases accompanied lower sequential equity and weaker capital ratios.

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PHOENIX--(BUSINESS WIRE)-- Western Alliance Bancorporation (NYSE:WAL):

THIRD QUARTER 2026 FINANCIAL RESULTS

Quarter Highlights:
Net income		Diluted earnings per share		PPNR1		Net interest margin		Efficiency ratio1		Book value per common share
$277.2 million		$2.45		$419.1 million		3.57%		58.1%		$68.14
								50.0%, adjusted for deposit costs1		$62.22, excluding goodwill and intangibles1

CEO COMMENTARY:

“Western Alliance’s third quarter results featured enhanced profitability, lower deposit costs, improved asset quality and stronger reserve coverage, as well as accelerated share repurchase activity,” said Kenneth A. Vecchione, Chairman, President and Chief Executive Officer. “Strong execution generated pre-provision net revenue1 of $419 million, up $25 million, or 6.4%, year-over-year and earnings per share of $2.45, up $0.17, or 7.5%. Return on average assets of 1.12% and return on average tangible common equity1 of 15.5% both increased for the second consecutive quarter. Deposit optimization actions totaling $4.5 billion over the past two quarters drove a $14 million, or 8%, quarterly decline in ECR-related deposit costs. Strong commercial banking deposit growth offset the optimization activity, keeping total deposits stable at $81.8 billion. Net interest income increased $11 million from the prior quarter, while net interest margin expanded 4 basis points quarterly to 3.57%. Asset quality improved notably, with nonaccrual loans declining $77 million, or approximately 14%, to 0.79% of funded HFI loans. Continued reserve building increased ACL coverage of funded HFI loans by 4 basis points to 0.93% and raised ACL coverage of nonaccrual loans from 96% to 118%. Net charge-offs declined 7 basis points quarterly to 0.30%, the midpoint of our 2026 guidance range. We continued to prioritize shareholder returns, repurchasing $92 million of shares.”

LINKED-QUARTER BASIS	YEAR-OVER-YEAR
FINANCIAL HIGHLIGHTS:
Net income of $277.2 million and earnings per share of $2.45, up 3.1% and 3.8%, from $268.8 million and $2.36, respectively Net revenue of $1.0 billion, increased 1.9%, or $18.5 million, from $995.7 million Pre-provision net revenue1 of $419.1 million, up $6.7 million, or 1.6%, from $412.4 million Effective tax rate of 18.3%, compared to 19.0% Repurchased $92.1 million, or 1.15 million shares at an average price of $79.78 per share	Net income of $277.2 million and earnings per share of $2.45, up 6.4% and 7.5%, from $260.5 million and $2.28, respectively Net revenue of $1.0 billion, increased 8.1%, or $76.0 million, from $938.2 million Pre-provision net revenue1 of $419.1 million, up $25.3 million, or 6.4%, from $393.8 million Effective tax rate of 18.3%, compared to 17.0%
FINANCIAL POSITION RESULTS:
HFI loans of $61.5 billion, up $600 million, or 1.0% Total deposits of $81.8 billion, down $119 million, or 0.1% HFI loan-to-deposit ratio of 75.3%, up from 74.4% Total equity of $7.9 billion, down $188 million, or 2.3%	Increase in HFI loans of $4.9 billion, or 8.7% Increase in total deposits of $4.5 billion, or 5.8% HFI loan-to-deposit ratio of 75.3%, up from 73.3% Increase in total equity of $257 million, or 3.3%
LOANS AND ASSET QUALITY:
Nonaccrual loans to funded HFI loans of 0.79%, decreased from 0.92% Nonaccrual loans and repossessed assets to total assets of 0.66%, decreased from 0.70% Allowance for credit losses to funded HFI loans of 0.93%, increased 4 basis points from 0.89% Allowance for credit losses to nonaccrual loans of 118%, increased 22% from 96% Annualized net loan charge-offs to average loans outstanding of 0.30%, compared to 0.37%	Nonaccrual loans to funded HFI loans of 0.79%, decreased from 0.92% Nonaccrual loans and repossessed assets to total assets of 0.66%, decreased from 0.72% Allowance for credit losses to funded HFI loans of 0.93%, increased 8 basis points from 0.85% Allowance for credit losses to nonaccrual loans of 118%, increased 26% from 92% Annualized net loan charge-offs to average loans outstanding of 0.30%, compared to 0.22%
KEY PERFORMANCE METRICS:
Net interest margin of 3.57%, increased from 3.53% Return on average assets and on tangible common equity1 of 1.12% and 15.5%, compared to 1.09% and 15.3%, respectively Tangible common equity ratio1 of 6.9%, decreased from 7.0% CET1 ratio of 10.9%, compared to 11.0% Tangible book value per share1, net of tax, of $62.22, decreased 1.6% from $63.24 Efficiency ratio1 of 58.1%, increased 0.1%, from 58.0%, while the efficiency ratio, adjusted for deposit costs1 increased 1.1% to 50.0% from 48.9%	Net interest margin of 3.57%, increased from 3.53% Return on average assets and on tangible common equity1 of 1.12% and 15.5%, compared to 1.13% and 15.6%, respectively Tangible common equity ratio1 of 6.9%, decreased from 7.1% CET1 ratio of 10.9%, compared to 11.3% Tangible book value per share1, net of tax, of $62.22, increased 6.3% from $58.56 Efficiency ratio1 of 58.1%, increased 0.7%, from 57.4%, while the efficiency ratio, adjusted for deposit costs1 increased 2.2% to 50.0% from 47.8%

1

See Reconciliation of Non-GAAP Financial Measures.

Income Statement

Net interest income totaled $807.6 million in the third quarter 2026, an increase of $10.7 million, or 1.3%, from $796.9 million in the second quarter 2026, and an increase of $57.2 million, or 7.6%, compared to $750.4 million in the third quarter 2025. The increase from the second quarter 2026 was primarily due to higher yields on interest earning assets and higher average HFI loan balances, partially offset by lower average balances in cash and other interest earning assets and an increase in average interest bearing liabilities and the related costs of these liabilities. The increase in net interest income from the third quarter 2025 was primarily driven by an increase in average interest earning asset balances of $5.5 billion and lower rates on interest bearing liabilities, partially offset by declining yields on interest earning assets.

The Company recorded a provision for credit losses of $80.0 million in the third quarter 2026, compared with $80.4 million in the second quarter 2026, and $80.0 million in the third quarter 2025. The provision for credit losses during the third quarter 2026 was primarily driven by net charge-offs totaling $45.8 million, loan growth, and proactive provisioning for macroeconomic risks associated with the higher interest rate environment. These factors increased the total allowance for credit losses to funded HFI loans ratio from 89 basis points in the prior quarter to 93 basis points.

The Company’s net interest margin increased to 3.57% in the third quarter 2026 from 3.53% in both the second quarter 2026 and the third quarter 2025. Net interest margin increased from the second quarter 2026 due to higher yields on interest earning assets, partially offset by higher costs on interest bearing liabilities. Net interest margin increased from the third quarter 2025 as an increase of $5.5 billion in average interest earning assets and lower interest bearing liability costs more than offset declining yields on interest earning assets.

Non-interest income was $206.6 million for the third quarter 2026, compared to $198.8 million for the second quarter 2026, and $187.8 million for the third quarter 2025. The increase in non-interest income of $7.8 million from the second quarter 2026 was primarily due to increases in gain on sales of investment securities of $13.8 million, partially offset by a decrease in mortgage banking revenue of $5.2 million. The increase in non-interest income of $18.8 million from the third quarter 2025 was primarily driven by increases in service charges and fees and gain on sales of investment securities, partially offset by a decrease in mortgage banking revenue.

Net revenue totaled $1.0 billion for the third quarter 2026, up $18.5 million, or 1.9%, from $995.7 million in the second quarter 2026, and $76.0 million, or 8.1%, from $938.2 million in the third quarter 2025.

Non-interest expense was $595.1 million for the third quarter 2026, compared to $583.3 million for the second quarter 2026, and $544.4 million for the third quarter 2025. The increase in non-interest expense of $11.8 million from the second quarter 2026 was primarily due to an increase in salaries and employee benefits of $21.8 million, partially offset by a decrease of $13.8 million in deposit costs driven by decreased average ECR-related deposit balances. The increase in non-interest expense of $50.7 million from the third quarter 2025 was primarily attributable to increased salaries and employee benefits of $32.6 million and increased data processing costs of $7.7 million. These increases were partially offset by decreased deposit costs of $9.7 million driven by decreased average ECR-related deposit balances.

The Company's efficiency ratio was 58.1% for the third quarter 2026, compared to 58.0% for the second quarter 2026, and 57.4% for the third quarter 2025. The Company’s efficiency ratio, adjusted for deposit costs¹, was 50.0% for the third quarter 2026, compared to 48.9% for the second quarter 2026, and 47.8% for the third quarter 2025.

Income tax expense was $61.9 million for the third quarter 2026, compared to $63.2 million for the second quarter 2026, and $53.3 million for the third quarter 2025. The decrease in income tax expense from the second quarter 2026 was primarily driven by increases in investment tax credits. The increase in income tax expense from the third quarter 2025 was primarily driven by an increase in pretax income.

Net income was $277.2 million for the third quarter 2026, an increase of $8.4 million from $268.8 million for the second quarter 2026, and an increase of $16.7 million from $260.5 million for the third quarter 2025. Earnings per share totaled $2.45 for the third quarter 2026, compared to $2.36 for the second quarter 2026, and $2.28 for the third quarter 2025.

The Company believes its pre-provision net revenue¹ ("PPNR"), which it defines as net revenue less non-interest expense, is a key metric for assessing the Company’s earnings power. For the third quarter 2026, the Company’s PPNR¹ was $419.1 million, up $6.7 million from $412.4 million in the second quarter 2026, and up $25.3 million from $393.8 million in the third quarter 2025.

1

See Reconciliation of Non-GAAP Financial Measures.

Balance Sheet

HFI loans, net of deferred fees, totaled $61.5 billion at September 30, 2026, compared to $60.9 billion at June 30, 2026, and $56.6 billion at September 30, 2025. The $600 million increase from the prior quarter end primarily reflected increases of $396 million in commercial real estate non-owner occupied loans and $336 million in commercial and industrial loans, partially offset by a $111 million decrease in residential real estate loans. The $4.9 billion increase from September 30, 2025 was primarily attributable to increases of $4.4 billion in commercial and industrial loans, $286 million in residential real estate loans, $210 million in commercial real estate non-owner occupied loans, and $173 million in construction and land development loans, partially offset by a $121 million decrease in commercial real estate owner occupied loans. HFS loans totaled $4.0 billion at September 30, 2026, compared to $4.3 billion at June 30, 2026, and $3.5 billion at September 30, 2025. The $396 million decrease from the prior quarter end primarily reflected lower loan funding volume during the quarter and unfavorable fair value changes resulting from higher interest rates. The $449 million increase from September 30, 2025 was primarily attributable to higher period-end inventory levels resulting from the timing of loan production and sales activity, as well as increased early buyout activity.

The Company's allowance for credit losses on HFI loans comprises allowances for funded HFI loans and unfunded loan commitments. The allowance for loan losses as a percentage of funded HFI loans was 0.83% at September 30, 2026, 0.80% at June 30, 2026, and 0.78% at September 30, 2025. Including the allowance for unfunded loan commitments, the allowance for credit losses as a percentage of funded HFI loans was 0.93% at September 30, 2026, 0.89% at June 30, 2026, and 0.85% at September 30, 2025. Through credit linked note transactions, the Company effectively transfers a portion of the risk of losses on reference pools of loans to the purchasers of the notes. These transactions provide first-loss protection on reference pools of loans that totaled $7.6 billion, $7.8 billion, and $8.2 billion as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. However, as these note transactions are considered freestanding credit enhancements, the allowance for credit losses cannot be reduced for expected credit losses that these notes may mitigate. Accordingly, the allowance ratios include $11.6 million, $10.2 million, and $11.8 million related to these pools of loans as of September 30, 2026, June 30, 2026, and September 30, 2025, respectively. The allowance for credit losses to funded HFI loans ratio, adjusted to reduce the HFI loan balance by the amount of loans in covered reference pools, was 1.07% at September 30, 2026, 1.01% at June 30, 2026, and 1.00% at September 30, 2025.

Deposits totaled $81.8 billion at September 30, 2026, a decrease of $119 million from June 30, 2026, and an increase of $4.5 billion from $77.2 billion at September 30, 2025. The decline in deposits from the prior quarter primarily reflected a $2.1 billion decrease in non-interest bearing deposits, partially offset by increases of $871 million in interest bearing demand deposits, $754 million in certificates of deposit, and $324 million in savings and money market accounts. Deposit optimization efforts drove the decline in non-interest bearing deposits, partially offset by strong commercial banking growth in interest bearing deposits. From September 30, 2025, interest bearing demand deposits, certificates of deposit, and savings and money market accounts increased $3.7 billion, $1.1 billion, and $583 million, respectively, while non-interest bearing deposits decreased $876 million. Non-interest bearing deposits totaled $25.8 billion at September 30, 2026, compared to $27.8 billion at June 30, 2026, and $26.6 billion at September 30, 2025.

The Company’s ratio of HFI loans to deposits was 75.3% at September 30, 2026, compared to 74.4% at June 30, 2026, and 73.3% at September 30, 2025.

Borrowings totaled $5.6 billion at September 30, 2026, compared with $6.2 billion at June 30, 2026, and $3.9 billion at September 30, 2025. Borrowings decreased $623 million from June 30, 2026, reflecting declines of $515 million in short-term borrowings and $108 million in long-term borrowings. Borrowings increased $1.8 billion from September 30, 2025, as a $3.3 billion increase in short-term borrowings was partially offset by a $1.5 billion decrease in long-term borrowings.

Qualifying debt totaled $1.1 billion at both September 30, 2026 and June 30, 2026, compared with $681 million at September 30, 2025. The increase from September 30, 2025 primarily reflects the issuance of $400 million of subordinated debt during the quarter ended December 31, 2025.

Total equity was $7.9 billion at September 30, 2026, compared to $8.1 billion at June 30, 2026, and $7.7 billion at September 30, 2025. The decrease from the prior quarter was primarily due to changes in AOCI related to higher interest rates, unrealized fair value losses of $338.0 million on the Company's available-for-sale securities, which are recorded in other comprehensive loss, net of tax, the repurchase of 1.15 million shares for $92.1 million, and dividends, partially offset by net income of $277.2 million. Third quarter cash dividends paid included $45.7 million, or $0.42 per share, for common stockholders; $3.2 million, or $0.27 per depositary share, for preferred stockholders; and $7.1 million on preferred stock of the Company's REIT subsidiary. The increase in equity from September 30, 2025 was primarily driven by net income, partially offset by dividends to stockholders and share repurchases. Since inception of the share repurchase program through September 30, 2026, the Company has repurchased 2.7 million shares for $212.5 million under its $300 million authorization.

The Company's common equity tier 1 capital ratio was 10.9% at September 30, 2026, compared with 11.0% at June 30, 2026, and 11.3% at September 30, 2025. At September 30, 2026, tangible common equity, net of tax¹, was 6.9% of tangible assets¹, while total capital was 14.0% of risk-weighted assets. The Company’s tangible book value per share¹ was $62.22 at September 30, 2026, down 1.6% from $63.24 at June 30, 2026, and up 6.3% from $58.56 at September 30, 2025. The increase in tangible book value per share from September 30, 2025 was primarily attributable to net income.

Total assets were $98.1 billion at September 30, 2026, down $629 million, or 0.6%, from $98.7 billion at June 30, 2026, and up 7.8% from $91.0 billion at September 30, 2025. The decrease in total assets from the prior quarter end reflected lower cash, HFS loans, and investment securities, partially offset by higher HFI loans. The increase in total assets from September 30, 2025 was primarily driven by growth in HFI and HFS loans and investment securities.

1

See Reconciliation of Non-GAAP Financial Measures.

Asset Quality

Provision for credit losses totaled $80.0 million for the third quarter 2026, compared to $80.4 million for the second quarter 2026, and $80.0 million for the third quarter 2025. Net loan charge-offs in the third quarter 2026 totaled $45.8 million, or 0.30% of average loans on an annualized basis, compared to $55.0 million, or 0.37% in the second quarter 2026, and $31.1 million, or 0.22%, in the third quarter 2025. The allowance for credit losses to funded HFI loans was 0.93% at September 30, 2026 compared to 0.89% and 0.85% at June 30, 2026 and September 30, 2025, respectively.

Nonaccrual loans decreased $77 million during the quarter and $37 million from September 30, 2025, to $485 million. The decline in nonaccrual loans, combined with the increase in the allowance for credit losses, increased coverage of nonaccrual loans to 118%, from 96% at June 30, 2026, and 92% at September 30, 2025. Loans past due 90 days and still accruing interest totaled $58 million at September 30, 2026, compared with $55 million at June 30, 2026, and $49 million at September 30, 2025 (excluding government guaranteed loans of $214 million, $248 million, and $282 million, respectively). Loans past due 30-89 days and still accruing interest totaled $138 million at September 30, 2026, compared with $122 million at June 30, 2026, and $196 million at September 30, 2025 (excluding government guaranteed loans of $101 million, $102 million, and $149 million, respectively) a year-over-year decrease of $58 million. Criticized loans totaled $1.3 billion, an increase of $5 million during the quarter and $33 million from September 30, 2025.

Repossessed assets totaled $165 million at September 30, 2026, compared to $126 million at June 30, 2026, and $130 million at September 30, 2025. Classified assets of $1.1 billion at September 30, 2026 decreased $37 million from June 30, 2026, and $38 million from September 30, 2025.

Conference Call and Webcast

Western Alliance Bancorporation will host a conference call and live webcast to discuss its third quarter 2026 financial results at 12:00 p.m. ET on Tuesday, October 20, 2026. Participants may access the call by dialing 1-833-461-5787 and using access code 788268041 or via live audio webcast using the website link https://events.q4inc.com/attendee/788268041. The webcast is also available via the Company’s website at www.westernalliancebancorporation.com. Participants should log in at least 15 minutes early to receive instructions. The call will be recorded, and the webcast replay will remain available for one year.

Reclassifications

Certain amounts in the Consolidated Income Statements for the prior periods have been reclassified to conform to the current presentation. Gains and losses related to the Company’s back-to-back interest rate swaps, risk participation agreements, and foreign exchange derivative contracts with customers have been reclassified to Commercial banking income and related fees in the Consolidated Income Statement. The reclassifications have no effect on net income or stockholders’ equity as previously reported.

Use of Non-GAAP Financial Information

This press release contains both financial measures based on GAAP and non-GAAP based financial measures, which are used where management believes them to be helpful in understanding the Company’s results of operations or financial position. Where non-GAAP financial measures are used, the comparable GAAP financial measure, as well as the reconciliation to the comparable GAAP financial measure, can be found in this press release. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements that relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Examples of forward-looking statements include, among others, statements we make regarding our expectations with regard to our business, financial and operating results, including our deposits and deposit optimization strategy, liquidity and funding, changes in economic conditions and related impacts on the Company's business, future economic performance and dividends. The forward-looking statements contained herein reflect our current views about future events and financial performance and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause our actual results to differ significantly from historical results and those expressed in any forward-looking statement. Some factors that could cause actual results to differ materially from historical or expected results include, among others: the risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 and the Company's subsequent Quarterly Reports on Form 10-Q, each as filed with the Securities and Exchange Commission; adverse developments in the financial services industry generally and any related impact on depositor behavior; risks related to the sufficiency of liquidity; changes in international trade policies, tariffs and treaties affecting imports and exports, trade disputes, barriers to trade or the emergence of other trade restrictions, and their related impacts on macroeconomic conditions and customer behavior; the potential adverse effects of unusual and infrequently occurring events and any governmental or societal responses thereto; changes in general economic conditions, either nationally or locally in the areas in which we conduct or will conduct our business; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations; increases in competitive pressures among financial institutions and businesses offering similar products and services; higher defaults on our loan portfolio than we expect; increased foreclosures and ownership of real property; changes in management’s estimate of the adequacy of the allowance for credit losses; technological risks and developments and cyber threats, attacks or events; emerging external focus among regulators and other officials related to risks in connection with the development and use of artificial intelligence; legislative or regulatory changes or changes in accounting principles, policies or guidelines; supervisory actions by regulatory agencies which may limit our ability to pursue certain growth opportunities, including expansion through acquisitions; additional regulatory requirements resulting from our continued growth; management’s estimates and projections of interest rates and interest rate policy; the execution of our business plan; the outcome of legal proceedings, the amount of funds and/or collateral that may be available for repayment of such loans, and any adverse economic or other events impacting the collateral, borrower or guarantors with respect to such loans; and other factors affecting the financial services industry generally or the banking industry in particular.

Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We do not intend and disclaim any duty or obligation to update or revise any industry information or forward-looking statements, whether written or oral, that may be made from time to time, set forth in this press release to reflect new information, future events or otherwise, except to the extent required by applicable law. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur, and you should not put undue reliance on any forward-looking statements.

About Western Alliance Bancorporation

Western Alliance Bancorporation (NYSE:WAL) is one of the country’s top-performing banking companies. Its primary subsidiary, Western Alliance Bank, Member FDIC, is a leading national bank for business that puts customers first, delivering tailored business banking solutions and consumer products backed by outstanding, personalized service and specific expertise in more than 30 industries and sectors. With more than $90 billion in assets and offices nationwide, Western Alliance has ranked as a top U.S. bank by American Banker and Bank Director since 2016. In 2025, Western Alliance Bancorporation was #2 for Best CEO, Best CFO and Best Company Board of Directors on Extel’s All-America Executive Team Midcap Banks list. For more information on offerings, subsidiaries and affiliates, visit www.westernalliancebank.com or follow Western Alliance Bank on LinkedIn.

Western Alliance Bancorporation and Subsidiaries.
Summary Consolidated Financial Data
Unaudited
Selected Balance Sheet Data:
													As of September 30,
													2026				2025				Change %
													(in millions)
Total assets													$	98,072			$	90,970			7.8	%
Loans held for sale														3,951				3,502			12.8
Loans HFI, net of deferred fees														61,549				56,646			8.7
Investment securities														20,239				18,841			7.4
Total deposits														81,755				77,247			5.8
Borrowings														5,613				3,862			45.3
Qualifying debt														1,053				681			54.6
Total equity														7,947				7,690			3.3
Tangible common equity, net of tax (1)														6,720				6,453			4.1
Common equity Tier 1 capital														7,389				6,736			9.7
Selected Income Statement Data:
		For the Three Months Ended September 30,											For the Nine Months Ended September 30,
		2026				2025				Change %			2026				2025				Change %
		(in millions, except per share data)											(in millions, except per share data)
Interest income		$	1,257.3			$	1,225.5			2.6	%		$	3,677.4			$	3,475.5			5.8	%
Interest expense			449.7				475.1			(5.3	)			1,306.6				1,376.9			(5.1	)
Net interest income			807.6				750.4			7.6				2,370.8				2,098.6			13.0
Provision for credit losses			80.0				80.0			—				373.6				151.1			NM
Net interest income after provision for credit losses			727.6				670.4			8.5				1,997.2				1,947.5			2.6
Non-interest income			206.6				187.8			10.0				658.0				463.5			42.0
Non-interest expense			595.1				544.4			9.3				1,752.8				1,559.5			12.4
Income before income taxes			339.1				313.8			8.1				902.4				851.5			6.0
Income tax expense			61.9				53.3			16.1				167.2				154.1			8.5
Net income			277.2				260.5			6.4				735.2				697.4			5.4
Net income attributable to noncontrolling interest			7.1				7.1			—				21.3				14.5			46.9
Net income attributable to Western Alliance			270.1				253.4			6.6				713.9				682.9			4.5
Dividends on preferred stock			3.2				3.2			—				9.6				9.6			—
Net income available to common stockholders		$	266.9			$	250.2			6.7			$	704.3			$	673.3			4.6
Diluted earnings per common share		$	2.45			$	2.28			7.5			$	6.43			$	6.14			4.7

(1)		See Reconciliation of Non-GAAP Financial Measures.
NM Changes +/- 100% are not meaningful.

Western Alliance Bancorporation and Subsidiaries
Summary Consolidated Financial Data
Unaudited
Common Share Data:
		At or For the Three Months Ended September 30,											For the Nine Months Ended September 30,
		2026				2025				Change % (1)			2026							2025				Change % (1)
Diluted earnings per common share (2) / as adjusted (3)		$	2.45			$	2.28			7.5	%		$	6.43		/	$	7.01		$	6.14			4.7	%
Book value per common share			68.14				64.45			5.7
Tangible book value per common share, net of tax (3)			62.22				58.56			6.3
Average common shares outstanding (in millions):
Basic			107.4				109.0			(1.5	)							107.8			108.9			(1.0	)
Diluted			107.8				109.8			(1.8	)							108.1			109.6			(1.4	)
Common shares outstanding			108.0				110.2			(2.0	)

Selected Performance Ratios:
Return on average assets / as adjusted (3, 4)		1.12	%		1.13	%		(0.9	)%		1.01	%		/	1.10	%		1.07	%		(5.6	)%
Return on average tangible common equity / as adjusted (3, 4)		15.5			15.6			(0.6	)		13.8			/	15.0			14.7			(6.1	)
Net interest margin (4)		3.57			3.53			1.1			3.55							3.51			1.1
Efficiency ratio (3)		58.1			57.4			1.2			57.3							60.2			(4.8	)
Efficiency ratio, adjusted for deposit costs (3)		50.0			47.8			4.6			48.8							51.6			(5.4	)
HFI loan to deposit ratio		75.3			73.3			2.7
Asset Quality Ratios:
Net charge-offs to average loans outstanding / as adjusted (3, 4)		0.30	%		0.22	%		36.4			0.70	%		/	0.35	%		0.21	%		NM
Nonaccrual loans to funded HFI loans		0.79			0.92			(14.1	)
Nonaccrual loans and repossessed assets to total assets		0.66			0.72			(8.3	)
Allowance for loan losses to funded HFI loans		0.83			0.78			6.4
Allowance for credit losses to funded HFI loans		0.93			0.85			9.4
Allowance for loan losses to nonaccrual HFI loans		106			84			26.2
Allowance for credit losses to nonaccrual loans		118			92			28.3

Capital Ratios:
		Sep 30, 2026			Jun 30, 2026			Sep 30, 2025
Tangible common equity (3)		6.9	%		7.0	%		7.1	%
Common Equity Tier 1 (5)		10.9			11.0			11.3
Tier 1 Leverage ratio (5)		8.2			8.1			8.1
Tier 1 Capital (5)		11.9			12.0			12.4
Total Capital (5)		14.0			14.1			14.2

(1)		Represents percentage change in reported metric from the prior period.
(2)		Diluted earnings per share for the three and nine months ended September 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.4 million and $9.0 million, respectively.
(3)		See Reconciliation of Non-GAAP Financial Measures.
(4)		Annualized on an actual/actual basis for periods less than 12 months.
(5)		Capital ratios for September 30, 2026 are preliminary.
NM Changes +/- 100% are not meaningful.

Western Alliance Bancorporation and Subsidiaries
Condensed Consolidated Income Statements
Unaudited
		Three Months Ended September 30,								Nine Months Ended September 30,
		2026				2025				2026				2025
		(in millions, except per share data)
Interest income:
Loans		$	981.5			$	948.3			$	2,838.7			$	2,743.6
Investment securities			238.1				231.7				703.4				601.2
Other			37.7				45.5				135.3				130.7
Total interest income			1,257.3				1,225.5				3,677.4				3,475.5
Interest expense:
Deposits			382.5				398.2				1,113.7				1,154.3
Qualifying debt			17.4				6.3				44.3				23.8
Borrowings			49.8				70.6				148.6				198.8
Total interest expense			449.7				475.1				1,306.6				1,376.9
Net interest income			807.6				750.4				2,370.8				2,098.6
Provision for credit losses			80.0				80.0				373.6				151.1
Net interest income after provision for credit losses			727.6				670.4				1,997.2				1,947.5
Non-interest income:
Commercial banking income and related fees			78.7				52.4				248.2				139.5
Net gain on mortgage loan origination and sale activities			55.7				75.5				181.8				164.4
Net loan servicing revenue			23.8				19.1				53.8				79.2
Gain on sales of investment securities			16.8				8.5				70.3				22.0
Income from bank owned life insurance			12.9				11.8				34.4				34.2
Fair value gain (loss) adjustments, net			0.5				2.9				8.4				(0.7	)
Income from equity investments			7.8				7.8				33.0				5.9
Other			10.4				9.8				28.1				19.0
Total non-interest income			206.6				187.8				658.0				463.5
Non-interest expenses:
Salaries and employee benefits			226.1				193.5				635.9				555.8
Deposit costs			165.4				175.1				507.9				459.3
Data processing			55.8				48.1				161.0				138.3
Legal, professional, and directors' fees			34.4				28.1				97.8				82.3
Insurance			25.5				24.5				78.5				99.8
Occupancy			22.4				16.8				62.7				50.9
Loan servicing expenses			17.0				15.0				51.3				51.5
Business development and marketing			10.2				5.6				28.0				17.6
Loan acquisition and origination expenses			8.5				7.3				25.2				18.3
Other			29.8				30.4				104.5				85.7
Total non-interest expense			595.1				544.4				1,752.8				1,559.5
Income before income taxes			339.1				313.8				902.4				851.5
Income tax expense			61.9				53.3				167.2				154.1
Net income			277.2				260.5				735.2				697.4
Net income attributable to noncontrolling interest			7.1				7.1				21.3				14.5
Net income attributable to Western Alliance			270.1				253.4				713.9				682.9
Dividends on preferred stock			3.2				3.2				9.6				9.6
Net income available to common stockholders		$	266.9			$	250.2			$	704.3			$	673.3
Earnings per common share:
Diluted shares			107.8				109.8				108.1				109.6
Diluted earnings per share (1)		$	2.45			$	2.28			$	6.43			$	6.14

(1)		Diluted earnings per share for the three and nine months ended September 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.4 million and $9.0 million, respectively.

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Income Statements
Unaudited
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(in millions, except per share data)
Interest income:
Loans		$	981.5			$	941.5			$	915.7			$	936.2			$	948.3
Investment securities			238.1				245.4				219.9				221.6				231.7
Other			37.7				45.0				52.6				59.6				45.5
Total interest income			1,257.3				1,231.9				1,188.2				1,217.4				1,225.5
Interest expense:
Deposits			382.5				370.5				360.7				383.5				398.2
Qualifying debt			17.4				13.8				13.1				9.0				6.3
Borrowings			49.8				50.7				48.1				58.7				70.6
Total interest expense			449.7				435.0				421.9				451.2				475.1
Net interest income			807.6				796.9				766.3				766.2				750.4
Provision for credit losses			80.0				80.4				213.2				73.0				80.0
Net interest income after provision for credit losses			727.6				716.5				553.1				693.2				670.4
Non-interest income:
Commercial banking income and related fees			78.7				73.1				96.4				80.7				52.4
Net gain on mortgage loan origination and sale activities			55.7				53.4				72.7				91.1				75.5
Net loan servicing revenue (loss)			23.8				31.3				(1.3	)			(1.4	)			19.1
Gain on sales of investment securities			16.8				3.0				50.5				7.4				8.5
Income from bank owned life insurance			12.9				10.8				10.7				11.8				11.8
Fair value gain (loss) adjustments, net			0.5				8.3				(0.4	)			(0.4	)			2.9
Income from equity investments			7.8				11.9				13.3				12.2				7.8
Other			10.4				7.0				10.7				13.3				9.8
Total non-interest income			206.6				198.8				252.6				214.7				187.8
Non-interest expenses:
Salaries and employee benefits			226.1				204.3				205.5				201.7				193.5
Deposit costs			165.4				179.2				163.3				171.2				175.1
Data processing			55.8				52.1				53.1				48.9				48.1
Legal, professional, and directors' fees			34.4				32.8				30.6				33.6				28.1
Insurance			25.5				28.3				24.7				17.7				24.5
Occupancy			22.4				21.1				19.2				19.7				16.8
Loan servicing expenses			17.0				17.6				16.7				17.7				15.0
Business development and marketing			10.2				8.3				9.5				11.1				5.6
Loan acquisition and origination expenses			8.5				8.8				7.9				7.9				7.3
Other			29.8				30.8				43.9				22.7				30.4
Total non-interest expense			595.1				583.3				574.4				552.2				544.4
Income before income taxes			339.1				332.0				231.3				355.7				313.8
Income tax expense			61.9				63.2				42.1				62.5				53.3
Net income			277.2				268.8				189.2				293.2				260.5
Net income attributable to noncontrolling interest			7.1				7.1				7.1				7.1				7.1
Net income attributable to Western Alliance			270.1				261.7				182.1				286.1				253.4
Dividends on preferred stock			3.2				3.2				3.2				3.2				3.2
Net income available to common stockholders		$	266.9			$	258.5			$	178.9			$	282.9			$	250.2
Earnings per common share:
Diluted shares			107.8				108.0				108.7				109.3				109.8
Diluted earnings per share (1)		$	2.45			$	2.36			$	1.65			$	2.59			$	2.28

(1)		Diluted earnings per share for the three months ended September 30, 2026 includes a reduction for earnings allocated to participating stock awards of $3.4 million.

Western Alliance Bancorporation and Subsidiaries
Five Quarter Condensed Consolidated Balance Sheets
Unaudited
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(in millions)
Assets:
Cash and due from banks		$	5,328			$	5,936			$	8,554			$	3,596			$	5,756
Investment securities			20,239				20,622				20,392				20,438				18,841
Loans held for sale			3,951				4,347				3,936				3,498				3,502
Loans held for investment:
Commercial and industrial			30,101				29,765				28,223				27,928				25,734
Commercial real estate - non-owner occupied			10,697				10,301				10,344				10,340				10,487
Commercial real estate - owner occupied			1,561				1,578				1,711				1,683				1,682
Construction and land development			4,238				4,241				4,080				4,055				4,065
Residential real estate			14,937				15,048				14,765				14,652				14,651
Consumer			15				16				19				19				27
Loans HFI, net of deferred fees			61,549				60,949				59,142				58,677				56,646
Allowance for loan losses			(513	)			(487	)			(461	)			(461	)			(440	)
Loans HFI, net of deferred fees and allowance			61,036				60,462				58,681				58,216				56,206
Mortgage servicing rights			1,576				1,500				1,516				1,494				1,213
Premises and equipment, net			478				479				480				442				416
Operating lease right-of-use asset			114				119				125				131				134
Other assets acquired through foreclosure, net			165				126				123				137				130
Bank owned life insurance			1,084				1,075				1,067				1,057				1,045
Goodwill and other intangibles, net			642				644				646				649				651
Other assets			3,459				3,391				3,333				3,116				3,076
Total assets		$	98,072			$	98,701			$	98,853			$	92,774			$	90,970
Liabilities and stockholders' equity:
Liabilities:
Deposits
Non-interest bearing deposits		$	25,752			$	27,820			$	28,078			$	24,353			$	26,628
Interest bearing:
Demand			20,130				19,259				19,385				18,416				16,422
Savings and money market			25,210				24,886				25,414				24,586				24,627
Certificates of deposit			10,663				9,909				9,846				9,804				9,570
Total deposits			81,755				81,874				82,723				77,159				77,247
Borrowings			5,613				6,236				5,610				5,240				3,862
Qualifying debt			1,053				1,069				1,072				1,076				681
Operating lease liability			141				148				154				160				164
Accrued interest payable and other liabilities			1,563				1,239				1,386				1,193				1,326
Total liabilities			90,125				90,566				90,945				84,828				83,280
Equity:
Preferred stock			295				295				295				295				295
Common stock and additional paid-in capital			1,972				2,046				2,036				2,095				2,140
Retained earnings			6,173				5,952				5,740				5,607				5,371
Accumulated other comprehensive loss			(786	)			(451	)			(456	)			(344	)			(409	)
Total Western Alliance stockholders' equity			7,654				7,842				7,615				7,653				7,397
Noncontrolling interest in subsidiary			293				293				293				293				293
Total equity			7,947				8,135				7,908				7,946				7,690
Total liabilities and equity		$	98,072			$	98,701			$	98,853			$	92,774			$	90,970

Western Alliance Bancorporation and Subsidiaries
Changes in the Allowance For Credit Losses on Loans
Unaudited
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(dollars in millions)
Allowance for loan losses
Balance, beginning of period		$	487.4			$	461.1			$	460.6			$	440.4			$	394.7
Provision for credit losses (1)			71.2				81.3				209.0				64.8				76.8
Recoveries of loans previously charged-off:
Commercial and industrial			0.7				1.6				0.6				1.7				0.7
Commercial real estate - non-owner occupied			1.3				1.0				—				—				—
Commercial real estate - owner occupied			—				—				—				0.4				—
Construction and land development			—				—				—				1.5				—
Residential real estate			—				—				—				—				—
Consumer			0.2				—				—				0.1				—
Total recoveries			2.2				2.6				0.6				3.7				0.7
Loans charged-off:
Commercial and industrial			16.2				25.4				181.4				28.9				12.4
Commercial real estate - non-owner occupied			25.7				32.0				27.7				10.7				12.9
Commercial real estate - owner occupied			—				0.1				—				—				—
Construction and land development			6.1				0.1				—				8.6				6.3
Residential real estate			—				—				—				—				—
Consumer			—				—				—				0.1				0.2
Total loans charged-off			48.0				57.6				209.1				48.3				31.8
Net loan charge-offs			45.8				55.0				208.5				44.6				31.1
Balance, end of period		$	512.8			$	487.4			$	461.1			$	460.6			$	440.4
Allowance for unfunded loan commitments
Balance, beginning of period		$	52.0			$	53.3			$	49.6			$	42.3			$	39.2
Provision for (recovery of) credit losses (1)			9.6				(1.3	)			3.7				7.3				3.1
Balance, end of period (2)		$	61.6			$	52.0			$	53.3			$	49.6			$	42.3
Components of the allowance for credit losses on loans
Allowance for loan losses		$	512.8			$	487.4			$	461.1			$	460.6			$	440.4
Allowance for unfunded loan commitments			61.6				52.0				53.3				49.6				42.3
Total allowance for credit losses on loans		$	574.4			$	539.4			$	514.4			$	510.2			$	482.7
Net charge-offs to average loans - annualized			0.30	%			0.37	%			1.45	%			0.31	%			0.22	%
Allowance ratios
Allowance for loan losses to funded HFI loans (3)			0.83	%			0.80	%			0.78	%			0.78	%			0.78	%
Allowance for credit losses to funded HFI loans (3)			0.93				0.89				0.87				0.87				0.85
Allowance for loan losses to nonaccrual loans			106				87				94				92				84
Allowance for credit losses to nonaccrual loans			118				96				105				102				92

(1)		The above tables reflect only the provision for credit losses on funded and unfunded loans. For the three months ended September 30, 2026, the release of provision for credit losses for HTM investment securities totaled $0.8 million. The allowance for credit losses on HTM investment securities totaled $13.0 million as of September 30, 2026.
(2)		The allowance for unfunded loan commitments is included as part of accrued interest payable and other liabilities on the balance sheet.
(3)		Ratio includes an allowance for credit losses of $11.6 million as of September 30, 2026 related to a pool of loans covered under three separate credit linked note transactions.

Western Alliance Bancorporation and Subsidiaries
Asset Quality Metrics
Unaudited
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(dollars in millions)
Nonaccrual loans and repossessed assets
Nonaccrual loans		$	485			$	562			$	492			$	500			$	522
Nonaccrual loans to funded HFI loans			0.79	%			0.92	%			0.83	%			0.85	%			0.92	%
Repossessed assets		$	165			$	126			$	123			$	137			$	130
Nonaccrual loans and repossessed assets to total assets			0.66	%			0.70	%			0.62	%			0.69	%			0.72	%
Loans Past Due
Loans past due 90 days, still accruing (1)		$	58			$	55			$	56			$	66			$	49
Loans past due 90 days, still accruing to funded HFI loans (1)			0.09	%			0.09	%			0.09	%			0.11	%			0.09	%
Loans past due 30 to 89 days, still accruing (2)		$	138			$	122			$	157			$	108			$	196
Loans past due 30 to 89 days, still accruing to funded HFI loans (2)			0.22	%			0.20	%			0.27	%			0.18	%			0.35	%
Other credit quality metrics
Special mention loans		$	397			$	316			$	403			$	325			$	292
Special mention loans to funded HFI loans			0.65	%			0.52	%			0.68	%			0.55	%			0.52	%
Classified accruing loans		$	441			$	440			$	455			$	450			$	476
Classified accruing loans to funded HFI loans			0.72	%			0.72	%			0.77	%			0.77	%			0.84	%
Classified assets		$	1,091			$	1,128			$	1,070			$	1,088			$	1,129
Classified assets to total assets			1.11	%			1.14	%			1.08	%			1.17	%			1.24	%

(1)		Excludes government guaranteed residential mortgage loans of $214 million, $248 million, $288 million, $290 million, and $282 million as of each respective date in the table above.
(2)		Excludes government guaranteed residential mortgage loans of $101 million, $102 million, $94 million, $145 million, and $149 million as of each respective date in the table above.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
		Three Months Ended
		September 30, 2026											June 30, 2026
		Average Balance				Interest				Average Yield / Cost			Average Balance				Interest				Average Yield / Cost
		(dollars in millions)
Interest earning assets
Loans HFS		$	5,858			$	90.3			6.12	%		$	5,653			$	84.9			6.02	%
Loans HFI:
Commercial and industrial			29,591				451.2			6.09				28,364				426.4			6.07
CRE - non-owner occupied			10,417				172.6			6.57				10,296				169.6			6.61
CRE - owner occupied			1,557				24.2			6.18				1,574				23.8			6.07
Construction and land development			4,212				82.1			7.79				4,191				80.8			7.78
Residential real estate			15,002				160.8			4.25				14,879				155.7			4.20
Consumer			15				0.3			7.14				17				0.3			6.57
Total HFI loans (1), (2), (3), (4)			60,794				891.2			5.84				59,321				856.6			5.82
Investment securities:
Taxable			18,675				213.8			4.54				19,474				220.2			4.54
Tax-exempt			2,349				24.3			5.21				2,312				25.2			5.50
Total investment securities (1)			21,024				238.1			4.62				21,786				245.4			4.64
Cash and other			3,200				37.7			4.68				4,901				45.0			3.68
Total interest earning assets			90,876				1,257.3			5.53				91,661				1,231.9			5.43
Non-interest earning assets
Cash and due from banks			426											544
Allowance for loan losses			(509	)										(482	)
Bank owned life insurance			1,078											1,069
Other assets			5,933											5,692
Total assets		$	97,804										$	98,484
Interest-bearing liabilities
Interest-bearing deposits:
Interest-bearing demand accounts		$	19,766			$	110.9			2.22	%		$	19,316			$	102.5			2.13	%
Savings and money market			25,052				177.3			2.81				24,995				174.4			2.80
Certificates of deposit			10,088				94.3			3.71				9,873				93.6			3.80
Total interest-bearing deposits			54,906				382.5			2.76				54,184				370.5			2.74
Short-term borrowings			2,678				28.3			4.19				3,329				33.9			4.08
Long-term debt			1,601				21.5			5.33				1,158				16.8			5.83
Qualifying debt			1,067				17.4			6.48				1,071				13.8			5.17
Total interest-bearing liabilities			60,252				449.7			2.96				59,742				435.0			2.92
Interest cost of funding earning assets										1.96											1.90
Non-interest-bearing liabilities
Non-interest-bearing deposits			27,919											29,351
Other liabilities			1,554											1,379
Equity			8,079											8,012
Total liabilities and equity		$	97,804										$	98,484
Net interest income and margin (5)						$	807.6			3.57	%						$	796.9			3.53	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.4 million and $10.1 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(2)		Included in the yield computation are net loan fees of $23.9 million and $25.5 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(3)		Interest income includes a reduction for earnings credits totaling $56.7 million and $52.5 million for the three months ended September 30, 2026 and June 30, 2026, respectively.
(4)		Includes nonaccrual loans.
(5)		Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
		Three Months Ended
		September 30, 2026											September 30, 2025
		Average Balance				Interest				Average Yield / Cost			Average Balance				Interest				Average Yield / Cost
		(dollars in millions)
Interest earning assets
Loans HFS		$	5,858			$	90.3			6.12	%		$	5,009			$	77.1			6.11	%
Loans HFI:
Commercial and industrial			29,591				451.2			6.09				25,216				410.9			6.51
CRE - non-owner occupied			10,417				172.6			6.57				10,473				190.8			7.23
CRE - owner occupied			1,557				24.2			6.18				1,688				25.2			6.05
Construction and land development			4,212				82.1			7.79				4,233				88.8			8.32
Residential real estate			15,002				160.8			4.25				14,557				155.1			4.23
Consumer			15				0.3			7.14				24				0.4			7.43
Total loans HFI (1), (2), (3), (4)			60,794				891.2			5.84				56,191				871.2			6.18
Investment securities:
Taxable			18,675				213.8			4.54				17,794				208.2			4.64
Tax-exempt			2,349				24.3			5.21				2,193				23.5			5.32
Total investment securities (1)			21,024				238.1			4.62				19,987				231.7			4.72
Cash and other			3,200				37.7			4.68				4,147				45.5			4.35
Total interest earning assets			90,876				1,257.3			5.53				85,334				1,225.5			5.74
Non-interest earning assets
Cash and due from banks			426											397
Allowance for loan losses			(509	)										(414	)
Bank owned life insurance			1,078											1,038
Other assets			5,933											4,957
Total assets		$	97,804										$	91,312
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts		$	19,766			$	110.9			2.22	%		$	16,071			$	101.4			2.50	%
Savings and money market accounts			25,052				177.3			2.81				23,373				189.4			3.21
Certificates of deposit			10,088				94.3			3.71				10,124				107.4			4.21
Total interest bearing deposits			54,906				382.5			2.76				49,568				398.2			3.19
Short-term borrowings			2,678				28.3			4.19				2,577				30.2			4.66
Long-term debt			1,601				21.5			5.33				2,905				40.4			5.52
Qualifying debt			1,067				17.4			6.48				678				6.3			3.63
Total interest bearing liabilities			60,252				449.7			2.96				55,728				475.1			3.38
Interest cost of funding earning assets										1.96											2.21
Non-interest bearing liabilities
Non-interest bearing deposits			27,919											26,438
Other liabilities			1,554											1,539
Equity			8,079											7,607
Total liabilities and equity		$	97,804										$	91,312
Net interest income and margin (5)						$	807.6			3.57	%						$	750.4			3.53	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $10.4 million and $9.7 million for the three months ended September 30, 2026 and 2025, respectively.
(2)		Included in the yield computation are net loan fees of $23.9 million and $28.1 million for the three months ended September 30, 2026 and 2025, respectively.
(3)		Interest income includes a reduction for earnings credits totaling $56.7 million and $64.9 million for the three months ended September 30, 2026 and 2025, respectively.
(4)		Includes nonaccrual loans.
(5)		Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries
Analysis of Average Balances, Yields and Rates
Unaudited
		Nine Months Ended
		September 30, 2026											September 30, 2025
		Average Balance				Interest				Average Yield / Cost			Average Balance				Interest				Average Yield / Cost
		(dollars in millions)
Interest earning assets
Loans HFS		$	5,661			$	255.4			6.03	%		$	4,725			$	217.7			6.16	%
Loans HFI:
Commercial and industrial			28,512				1,290.9			6.10				24,056				1,168.9			6.55
CRE - non-owner occupied			10,343				512.0			6.62				10,247				547.8			7.15
CRE - owner occupied			1,608				72.9			6.08				1,785				80.7			6.15
Construction and land development			4,130				239.3			7.78				4,309				269.2			8.36
Residential real estate			14,832				467.3			4.21				14,435				457.5			4.24
Consumer			17				0.9			7.07				34				1.8			6.99
Total loans HFI (1), (2), (3), (4)			59,442				2,583.3			5.84				54,866				2,525.9			6.18
Investment securities:
Taxable			18,618				629.4			4.52				15,322				529.2			4.62
Tax-exempt			2,314				74.0			5.40				2,221				72.0			5.44
Total investment securities (1)			20,932				703.4			4.62				17,543				601.2			4.72
Cash and other			4,469				135.3			4.05				3,909				130.7			4.47
Total interest earning assets			90,504				3,677.4			5.48				81,043				3,475.5			5.78
Non-interest earning assets
Cash and due from banks			504											358
Allowance for loan losses			(485	)										(405	)
Bank owned life insurance			1,069											1,026
Other assets			5,713											4,862
Total assets		$	97,305										$	86,884
Interest bearing liabilities
Interest bearing deposits:
Interest bearing demand accounts		$	19,346			$	312.9			2.16	%		$	15,883			$	298.5			2.51	%
Savings and money market accounts			24,887				520.5			2.80				22,113				524.7			3.17
Certificates of deposit			9,897				280.3			3.79				10,076				331.1			4.39
Total interest bearing deposits			54,130				1,113.7			2.75				48,072				1,154.3			3.21
Short-term borrowings			2,984				91.6			4.10				2,452				86.7			4.72
Long-term debt			1,371				57.0			5.56				2,686				112.1			5.58
Qualifying debt			1,072				44.3			5.52				800				23.8			3.97
Total interest bearing liabilities			59,557				1,306.6			2.93				54,010				1,376.9			3.41
Interest cost of funding earning assets										1.93											2.27
Non-interest bearing liabilities
Non-interest bearing deposits			28,209											24,051
Other liabilities			1,469											1,534
Equity			8,070											7,289
Total liabilities and equity		$	97,305										$	86,884
Net interest income and margin (5)						$	2,370.8			3.55	%						$	2,098.6			3.51	%

(1)		Yields on loans and securities have been adjusted to a tax equivalent basis. The tax equivalent adjustment was $30.7 million and $30.1 million for the nine months ended September 30, 2026 and 2025, respectively.
(2)		Included in the yield computation are net loan fees of $73.3 million and $77.4 million for the nine months ended September 30, 2026 and 2025, respectively.
(3)		Interest income includes a reduction for earnings credits totaling $157.9 million and $184.3 million for the nine months ended September 30, 2026 and 2025, respectively.
(4)		Includes nonaccrual loans.
(5)		Net interest margin is computed by dividing net interest income on a tax equivalent basis by total average earning assets, annualized on an actual/actual basis.

Western Alliance Bancorporation and Subsidiaries
Income Statement Classification of Earnings Credit and Referral Costs
Unaudited
The below table presents the income statement classification for total earnings credit and referral costs incurred on deposits:
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
Income statement line item		(in millions)
Interest income (1)		$	56.7			$	52.5			$	48.7			$	56.6			$	64.9
Commercial banking income and related fees (1)			8.6				8.4				8.3				7.2				5.4
Deposit costs (2)			158.4				173.3				157.3				165.0				169.1
Total earnings credit and referral costs		$	223.7			$	234.2			$	214.3			$	228.8			$	239.4

(1)		Earnings credits recorded as a reduction to Interest income and Commercial banking income and related fees.
(2)		Deposit costs also included $7.0 million, $5.9 million, $6.0 million, $6.2 million, and $6.0 million in other deposit related costs for each respective period in the table above, primarily associated with reciprocal deposits.

Western Alliance Bancorporation and Subsidiaries Reconciliation of Non-GAAP Financial Measures
Unaudited
Pre-Provision Net Revenue by Quarter:
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(in millions)
Net interest income		$	807.6			$	796.9			$	766.3			$	766.2			$	750.4
Total non-interest income			206.6				198.8				252.6				214.7				187.8
Net revenue		$	1,014.2			$	995.7			$	1,018.9			$	980.9			$	938.2
Total non-interest expense			595.1				583.3				574.4				552.2				544.4
Pre-provision net revenue (1)		$	419.1			$	412.4			$	444.5			$	428.7			$	393.8
Less:
Provision for credit losses			80.0				80.4				213.2				73.0				80.0
Income tax expense			61.9				63.2				42.1				62.5				53.3
Net income		$	277.2			$	268.8			$	189.2			$	293.2			$	260.5

Efficiency Ratio (Tax Equivalent Basis) by Quarter:
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(dollars in millions)
Total non-interest expense		$	595.1			$	583.3			$	574.4			$	552.2			$	544.4
Less: Deposit costs			165.4				179.2				163.3				171.2				175.1
Total non-interest expense, excluding deposit costs			429.7				404.1				411.1				381.0				369.3
Divided by:
Total net interest income			807.6				796.9				766.3				766.2				750.4
Plus:
Tax equivalent interest adjustment			10.4				10.1				10.1				9.9				9.7
Total non-interest income			206.6				198.8				252.6				214.7				187.8
Less: Deposit costs			165.4				179.2				163.3				171.2				175.1
		$	859.2			$	826.6			$	865.7			$	819.6			$	772.8
Efficiency ratio (2)			58.1	%			58.0	%			55.8	%			55.7	%			57.4	%
Efficiency ratio, adjusted for deposit costs (2)			50.0	%			48.9	%			47.5	%			46.5	%			47.8	%

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Tangible Common Equity:
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(in millions, except per share data)
Total equity		$	7,947			$	8,135			$	7,908			$	7,946			$	7,690
Less:
Goodwill and intangible assets, net			642				644				646				649				651
Preferred stock			295				295				295				295				295
Noncontrolling interest in subsidiary			293				293				293				293				293
Total tangible common equity			6,717				6,903				6,674				6,709				6,451
Plus: deferred tax - attributed to intangible assets			3				3				3				2				2
Total tangible common equity, net of tax		$	6,720			$	6,906			$	6,677			$	6,711			$	6,453
Total assets		$	98,072			$	98,701			$	98,853			$	92,774			$	90,970
Less: goodwill and intangible assets, net			642				644				646				649				651
Tangible assets			97,430				98,057				98,207				92,125				90,319
Plus: deferred tax - attributed to intangible assets			3				3				3				2				2
Total tangible assets, net of tax		$	97,433			$	98,060			$	98,210			$	92,127			$	90,321
Tangible common equity ratio (3)			6.9	%			7.0	%			6.8	%			7.3	%			7.1	%
Common shares outstanding			108.0				109.2				109.2				109.5				110.2
Tangible book value per share, net of tax (3)		$	62.22			$	63.24			$	61.14			$	61.29			$	58.56

Return on Average Tangible Common Equity:
		Three Months Ended
		Sep 30, 2026				Jun 30, 2026				Mar 31, 2026				Dec 31, 2025				Sep 30, 2025
		(in millions)
Net income available to common shareholders		$	266.9			$	258.5			$	178.9			$	282.9			$	250.2
Divided by:
Average equity			8,079				8,012				8,121				7,864				7,607
Less:
Average goodwill and intangible assets			643				646				648				650				652
Average preferred stock			295				295				295				295				295
Average noncontrolling interest in subsidiary			293				293				293				293				293
Average tangible common equity		$	6,848			$	6,778			$	6,885			$	6,626			$	6,367
Return on average tangible common equity (1)			15.5	%			15.3	%			10.5	%			16.9	%			15.6	%

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
The adjusted revenue, earnings and return metrics presented below for the nine months ended September 30, 2026 exclude the impact to provision for credit losses of charging off the remaining balance of the Leucadia Asset Management ("LAM") loan as well as gains from sales of investment securities that were executed as part of the Company's mitigation strategy, as applicable. In addition, net charge-offs for the nine months ended September 30, 2026 have been adjusted to exclude the impact of fraud related charge-offs associated with the LAM and Cantor Group V, LLC ("Cantor") loans. For more information regarding the LAM and Cantor loans, see the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which was filed with the U.S. Securities and Exchange Commission on July 31, 2026.

Net Revenue and Pre-Provision Net Revenue, As Adjusted
		Nine Months Ended September 30, 2026
		(in millions)
Net revenue		$	3,028.8
Adjusted for:
Gain on sales of investment securities			(50.5	)
Net revenue, as adjusted		$	2,978.3
Total non-interest expense			1,752.8
Pre-provision net revenue, as adjusted (1)		$	1,225.5
Less:
Provision for credit losses			373.6
Income tax expense			167.2
Gain on sales of investment securities			(50.5	)
Net income		$	735.2

Earnings per Share, As Adjusted:
		Nine Months Ended September 30, 2026
		(in millions, except per share data)
Net income		$	735.2
Adjusted for:
Gain on sales of investment securities			(50.5	)
Provision for credit losses on LAM			126.4
Tax effect of adjustments			(13.8	)
Net income, as adjusted			797.3
Net income attributable to noncontrolling interest			21.3
Dividends on preferred stock			9.6
Net income available to common stockholders, as adjusted		$	766.4
Diluted shares			108.1
Diluted earnings per share, as adjusted (1)		$	7.01

Return on Average Assets, As Adjusted:
		Nine Months Ended September 30, 2026
		(dollars in millions)
Net income, as adjusted		$	797.3
Divided by:
Average assets		$	97,305
Return on average assets, as adjusted (1)			1.10	%

Western Alliance Bancorporation and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Unaudited
Return on Average Tangible Common Equity, As Adjusted:
		Nine Months Ended September 30, 2026
		(dollars in millions)
Net income available to common stockholders, as adjusted		$	766.4
Divided by: Average equity			8,070
Less:
Average goodwill and intangible assets			646
Average preferred stock			295
Average noncontrolling interest in subsidiary			293
Average tangible common equity		$	6,836
Return on average tangible common equity (1)			13.8	%
Return on average tangible common equity, as adjusted (1)			15.0	%

Net Charge-Offs and Net Charge-Offs to Average Loans, As Adjusted:
		Nine Months Ended September 30, 2026
		(dollars in millions)
Net charge-offs		$	309.3
Adjusted for fraud related charge-offs:
LAM			(126.4	)
Cantor			(26.1	)
Net charge-offs, as adjusted		$	156.8
Divided by: Average HFI loans			59,442
Net charge-offs to average loans - annualized, as adjusted			0.35	%

Non-GAAP Financial Measures Footnotes
(1)		We believe this non-GAAP measurement is a key indicator of the earnings power of the Company.
(2)		We believe this non-GAAP ratio provides a useful metric to measure the efficiency of the Company.
(3)		We believe this non-GAAP metric provides an important metric with which to analyze and evaluate the financial condition and capital strength of the Company.

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20261016366696/en/

Investors: Miles Pondelik, 602-346-7462
Email: MPondelik@westernalliancebank.com

Media: Stephanie Whitlow, 480-998-6547
Email: SWhitlow@westernalliancebank.com

Source: Western Alliance Bancorporation

Key Terms

ppnr financial

Pre-provision net revenue (PPNR) is a bank’s revenue after accounting for day-to-day operating costs but before subtracting money set aside for bad loans. Think of it like a store’s gross profit before it reserves cash for damaged goods: it shows the core ability to generate income from lending and fees, and helps investors judge a bank’s operating strength separate from credit losses.

hfi loans financial

Loans "HFI" (held for investment) are loans that a lender intends to keep on its balance sheet to collect interest and principal rather than sell. They are recorded as loans receivable and measured under the lender’s loan accounting rules (including allowance for credit losses), and are accounted for differently from loans classified as held for sale — HFS loans — which are measured at the lower of carrying amount or fair value less costs to sell. The distinction affects balance-sheet presentation, income recognition and loss provisioning because HFI loans remain part of the lender’s ongoing lending portfolio and credit-loss estimates are applied while they are retained.

credit linked note transactions financial

A credit linked note (CLN) transaction is a structured debt instrument that transfers the credit risk of one or more reference borrowers (or a reference portfolio) from the noteholder to the note issuer. The issuer sells the note to investors and pays regular interest; if a predefined credit event (such as default, bankruptcy, or failure to pay) occurs for a reference entity during the note’s life, the note’s principal and/or final payout is reduced according to pre-agreed terms (either by delivering the defaulted obligation or by a cash settlement based on its recovery value). CLNs are typically implemented using a combination of a bond or note and a credit default swap or similar contract, and they rely on specified credit-event definitions, settlement mechanics (cash‑settlement or physical delivery), and often collateral arrangements to support payments.

cet1 ratio financial

CET1 ratio measures a bank's core equity capital (the most loss-absorbing funds like common stock and retained earnings) relative to the size of its risk-adjusted assets. It shows how big the bank's financial cushion is compared with what it has on its books; a higher ratio means greater ability to absorb losses, lower regulatory risk, and generally more investor confidence in the bank's stability.